Reuters: China to gather friends for biggest summit of year on New Silk Road

Reuters: China will gather its friends and allies together for its biggest diplomatic event of the year in May, a summit on its New Silk Road plan, with most Asian leaders due to attend but only one from a G7 nation, the Italian prime minister.

President Xi Jinping has championed what China formally calls the "One Belt, One Road" or OBOR, initiative to build a new Silk Road linking Asia, Africa and Europe, a landmark program to invest billions of dollars in infrastructure projects including railways, ports and power grids.

China has dedicated $40 billion to a Silk Road Fund and the idea was the driving force behind the establishment of the $50 billion China-backed Asian Infrastructure Investment Bank.

Foreign Minister Wang Yi announced on Tuesday a list of those attending the conference, including some of China's most reliable allies - Russian President Vladimir Putin, Pakistani Prime Minister Nawaz Sharif and Cambodian Prime Minister Hun Sen.

"One Belt, One Road is to date the most important public good China has given to the world, first proposed by China but for all countries to enjoy," Wang said.

"The culture and historical genes of One Belt, One Road come from the old Silk Road, so it takes Eurasia as its main region," he said, adding that representatives of 110 countries would attend.

While China says the New Silk Road is not political, it has run into opposition from India due to a section of it in Pakistan, known as the China-Pakistan Economic Corridor, where some projects run through the disputed Kashmir region.

Wang dismissed those concerns, saying the Pakistan project had no direct connection to the dispute and India was welcome to participate in the New Silk Road.

"Indian friends have said to us that One Belt, One Road is a very good suggestion," he said.

Nevertheless, India Prime Minister Narendra Modi was not on the list of leaders attending.

Wang also made no mention of any attendance of officials from Japan, South Korea or North Korea, all countries with which China has strained ties. Nor was there mention of Australia, a strong U.S. ally that has close trade links with China.

The list included only one leader from the Group of Seven (G7) industrialised nations, Italian Prime Minister Paolo Gentiloni.